Mackenzie Financial Corp Has $12.76 Million Stake in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Mackenzie Financial Corp reduced its stake in T. Rowe Price Group by 2.4%, owning approximately 0.06% of the company valued at $12.76 million.
• Several institutional investors have increased their holdings, with Wealthfront Advisers LLC up 109.2% and GAMMA Investing LLC increasing a staggering 9,555.5%.
• T. Rowe Price Group's quarterly earnings exceeded estimates at $2.23 EPS, despite a net revenue of $1.76 billion, falling short of the consensus estimate of $1.80 billion.

Mackenzie Financial Corp reduced its position in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,928 shares of the asset manager's stock after selling 3,456 shares during the quarter. Mackenzie Financial Corp owned about 0.06% of T. Rowe Price Group worth $12,763,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC boosted its stake in shares of T. Rowe Price Group by 44.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 365 shares of the asset manager's stock worth $34,000 after acquiring an additional 113 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter worth $39,000. Chilton Capital Management LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter worth $41,000. Ameriflex Group Inc. bought a new stake in shares of T. Rowe Price Group during the 4th quarter worth $42,000. Finally, Wayfinding Financial LLC bought a new stake in shares of T. Rowe Price Group during the 1st quarter worth $43,000. 73.39% of the stock is owned by institutional investors.

T. Rowe Price Group Trading Down 0.3%

Shares of T. Rowe Price Group stock traded down $0.36 during trading hours on Tuesday, reaching $105.59. 631,924 shares of the company's stock were exchanged, compared to its average volume of 1,839,902. The company has a 50 day moving average of $98.64 and a two-hundred day moving average of $98.16. T. Rowe Price Group, Inc. has a fifty-two week low of $77.85 and a fifty-two week high of $125.81. The stock has a market cap of $23.26 billion, a P/E ratio of 11.80, a P/E/G ratio of 3.03 and a beta of 1.47.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its earnings results on Friday, August 1st. The asset manager reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.09. T. Rowe Price Group had a net margin of 28.72% and a return on equity of 19.84%. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period last year, the business posted $2.26 EPS. T. Rowe Price Group's revenue was down .6% on a year-over-year basis. As a group, analysts expect that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Friday, June 13th were given a dividend of $1.27 per share. The ex-dividend date was Friday, June 13th. This represents a $5.08 annualized dividend and a yield of 4.8%. T. Rowe Price Group's dividend payout ratio (DPR) is 56.76%.

Insider Activity at T. Rowe Price Group

In other T. Rowe Price Group news, insider Jessica M. Hiebler sold 968 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $96.98, for a total transaction of $93,876.64. Following the completion of the sale, the insider directly owned 13,611 shares in the company, valued at $1,319,994.78. This trade represents a 6.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Dorothy C. Sawyer sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $95.43, for a total transaction of $190,860.00. Following the sale, the vice president owned 44,789 shares of the company's stock, valued at $4,274,214.27. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

Wall Street Analysts Forecast Growth

TROW has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their target price on T. Rowe Price Group from $110.00 to $112.00 and gave the company a "market perform" rating in a report on Monday. Wells Fargo & Company raised their target price on T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on T. Rowe Price Group from $98.00 to $102.00 and gave the company an "underweight" rating in a report on Monday. Citigroup lowered their price target on T. Rowe Price Group from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Cowen reaffirmed a "hold" rating on shares of T. Rowe Price Group in a research report on Monday, May 5th. Four investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $101.09.

T. Rowe Price Group Profile

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.